Wednesday, May 24, 2006

Matrade Building: Samy must demand from KDEB

As reported in the Star today, the Work Minsiter, Datuk Seri S. Samy Vellu, said that his mininstry planned to bring former board members of Perangsang International Sdn Bhd (PISB) to court for the 9 year delay in completing the Matrade building.
Datuk Seri S. Samy Vellu should direct his ministry’s demand for damages for the Matrade building fiasco at the Kumpulan Darul Ehsan Berhad (KDEB), the parent company that owned Kumpulan Perangsang Selangor Berhad (KPS) which wholly owned Perangsang International Sdn Bhd (PISB), the main contractor of the Matrade Building.

Under the present principle of our company law, the directors of a company cannot be held liable for the debt incurred by the company. Any attempt to recover the losses and damages from the directors of PISB will end up a futility.

I had queried in this blog, on April 17, April 18 and April 25 2006, the reasons behind the winding-up of PISB soon after it was sold to Tajuk Modal Sdn Bhd, a shell company with a paid-up capital of RM2, and had its name changed thereafter to Tajuk Construction Sdn Bhd.

The KDEB must now explain to the public whether the winding-up of PISB/Tajuk Construction was a major part of a scheme by the Selangor state investment arm:-

( i) to avoid the liability to pay the Federal Government the penalty and damages of RM159.8 million as a result of the delay in the Matrade Building project; and

(ii) to dump all debts and losses of the Selangor state GLC into PISB/Tajuk Construction in order to have a clean bill of health for the rest of the Selangor state GLC.
It’s time for the KDEB headed by Dato Seri Mohd Khir bin Toyo, Selangor Menteri Besar, to give the full explanation.


The Malaysian. said...

I had read your earlier posts on this subject and I have to say you must have seen this coming! The Selangor state government and especially the Mentri Besar have to come clean; Better now than forced to later. I too have written on the same topic, please feel free to read when you find the time.
Matrade Building - Monument To Greed And Corruption

Anonymous said...

The Malaysian
Great Article in your blog.

What is scary is that there are many more of such projects.

What is even scarier is that the politicians are so brazen in both their actions and thoughts. They do not even bother about being caught let alone being criticised. They have no conscience and are told to vote not according to conscience (Actually the Auto Pilot U-turn PM no need to ask them not to vote with conscience as most of them are doing it any way - superfluous) They are not bothered about public opinion as they can bulldoze anything right or wrong (sadly more wrongs than right). So what you people not happy ah... you boleh keluar lah. So what close one eye.... what so wrong about it. Helping bumiputras also cannot meh..? I also bumiputra what so when I say I help bumiputra am I lying ah? Why you sibuk sibuk 'chor chi ngo fatat (why are you meddling and preventing me from being prosperous?)

What is the scariest is that the rakyat cannot and do not do anything about this. Well at least Sarawak gave us some hope